Please stay tuned for important disclosure information at the conclusion of this episode. Hello and welcome to the morning filter.

I'm Susan Jivinsky with Morningstar.

Every Monday before market open, Morningstar Chief U.S. market strategist Dave Sikara,

and I sit down to talk about what investors should have on their

radars for the week, some new Morning Star research, and a few stock ideas. All right, well, good

morning, Dave. Stacks were down nearly 3% last Friday on news that President Trump was planning

to place additional tariffs on China. Now, futures look like they're up this morning, so hopefully we're

going to see a little bit of a bounce back today. But walk us through what got the market so

worried on Friday. Hey, good morning, Susan. You know, it just kind of seems like everyone forgot

about the trade negotiations going on in the background here, which is why in our recently

published fourth quarter outlook, we noted

that while the AI buildout boom has been enough to offset the weakness we've seen in the real

economy, the wild card out there still has been these ongoing trade negotiations. So President

Trump did what he typically does. He came out swinging last Friday. He announced an additional

100% tariff on Chinese products. This is supposedly in response to China's recent restrictions

on rare earth elements. And he also announced a new export control on critical software.

Now, these tariffs aren't supposed to take effect until November 1st. So in my opinion,

I think this is his way of

providing an out if China acquiesces on their recent restrictions. So as you noted, we are

treating up pre-market this morning. There was some commentary over the weekend, which, you know,

people are reading as him walking back, you know, some of this rhetoric. Overall, I would say no one should

be surprised. I think you need to expect more of this in the coming weeks ahead as we get closer and

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